Hepion Pharmaceuticals, Inc. Announces Reverse Stock Split
10 Mai 2023 - 5:15PM
Hepion Pharmaceuticals, Inc. (NASDAQ:HEPA), a clinical stage
biopharmaceutical company focused on Artificial Intelligence
(“AI”)-driven therapeutic drug development for the treatment of
fibrotic diseases, including non-alcoholic steatohepatitis
(“NASH”), hepatocellular carcinoma (“HCC”), and other chronic
diseases, announced that it will effect a reverse stock split of
its outstanding shares of common stock at a ratio of 1-for-20,
effective as of 4:01 p.m. Eastern Time today, May 10, 2023. Hepion
common stock will begin trading on a split-adjusted basis when the
market opens on May 11, 2023 under the existing trading symbol
“HEPA.”
As a result of the reverse stock split, the
CUSIP number for the Company’s common stock will now be 426897302.
The reverse stock split was previously approved by Hepion
stockholders at the Special Meeting of Stockholders held on
December 15, 2022, with the final ratio determined by the Company’s
Board of Directors.
Upon effectiveness of the reverse stock split,
every 20 shares of Hepion common stock issued and outstanding as of
the effective date will be automatically combined into one share of
common stock. Outstanding equity-based awards and other outstanding
equity rights will be proportionately adjusted. No fractional
shares will be issued as a result of the reverse stock split.
Immediately after the reverse stock split becomes effective, the
Company will have approximately 3,811,482 shares of common stock
issued and outstanding. Stockholders of record otherwise entitled
to receive a fractional share as a result of the reverse stock
split will automatically be entitled to receive an additional
fraction of a share of common stock to round up to the next whole
share.
The reverse stock split is primarily intended to
bring the Company into compliance with Nasdaq’s minimum bid price
requirement.
“The shareholder-approved reverse split comes at
an opportune time as we expect to soon be in a position to deliver
rencofilstat’s hepatic function and NASH biomarker results from the
Phase 2 ALTITUDE-NASH clinical trial. In addition, it may make our
stock more attractive to institutional investors and other members
of the investing public, thereby providing for a stronger and more
diverse investor base,” commented Robert Foster, Chief Executive
Officer of Hepion.
Additional information concerning the reverse
stock split can be found in Hepion’s definitive proxy statement
filed with the Securities and Exchange Commission on November 21,
2022.
About Hepion
Pharmaceuticals
The Company’s lead drug candidate, rencofilstat,
is a potent inhibitor of cyclophilins, which are involved in many
disease processes. Rencofilstat has been shown to reduce liver
fibrosis and hepatocellular carcinoma tumor burden in experimental
disease models and is currently in Phase 2 clinical development for
the treatment of NASH. In November 2021, the U.S. Food and Drug
Administration (“FDA”) granted Fast Track designation for
rencofilstat for the treatment of NASH. That was followed in June
2022 by the FDA’s granting of Orphan Drug designation to
rencofilstat for the treatment of HCC.
Hepion has created a proprietary AI platform,
called AI-POWR™, which stands for Artificial
Intelligence – Precision
Medicine; Omics (including genomics, proteomics,
metabolomics, transcriptomics, and lipidomics);
World database access; and
Response and clinical outcomes. Hepion intends to
use AI-POWR™ to help identify which NASH patients will best respond
to rencofilstat, potentially shortening development timelines and
increasing the observable differences between placebo and treatment
groups. In addition to using AI-POWR™ to drive its ongoing NASH
clinical development program, Hepion intends to use the platform to
identify additional potential indications for rencofilstat to
expand the company’s footprint in the cyclophilin inhibition
therapeutic space.
Forward-Looking Statements
Certain statements in this press release are
forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements may be identified
by the use of forward-looking words such as “anticipate,”
“believe,” “forecast,” “estimated,” and “intend,” among others.
These forward-looking statements are based on Hepion
Pharmaceuticals’ current expectations and actual results could
differ materially. There are a number of factors that could cause
actual events to differ materially from those indicated by such
forward-looking statements. These factors include, but are not
limited to, substantial competition; our ability to continue as a
going concern; our need for additional financing; uncertainties of
patent protection and litigation; risks associated with delays,
increased costs and funding shortages caused by the COVID-19
pandemic; uncertainties with respect to lengthy and expensive
clinical trials, that results of earlier studies and trials may not
be predictive of future trial results; uncertainties of government
or third party payer reimbursement; limited sales and marketing
efforts and dependence upon third parties; and risks related to
failure to obtain FDA clearances or approvals and noncompliance
with FDA regulations. As with any drug candidates under
development, there are significant risks in the development,
regulatory approval, and commercialization of new products. There
are no guarantees that future clinical trials discussed in this
press release will be completed or successful, or that any product
will receive regulatory approval for any indication or prove to be
commercially successful. Hepion Pharmaceuticals does not undertake
an obligation to update or revise any forward-looking statement.
Investors should read the risk factors set forth in Hepion
Pharmaceuticals’ Form 10-K for the year ended December 31, 2022,
and other periodic reports filed with the Securities and Exchange
Commission.
For further information, please contact: Stephen
KilmerHepion Pharmaceuticals Investor RelationsDirect: (646)
274-3580skilmer@hepionpharma.com
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